Financial services provider Prabhudas Lilladher Group on Wednesday said its co-owner and joint managing director Amisha Vora has increased her stake in the group's holding company to 96 per cent from 24 per cent.
She will now be the chairperson, and managing director of the group, a press release by the company said.
The report added that the group had obtained regulatory approvals from the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) for the stake purchase.
Ms Vora, a chartered accountant, has been associated with the Prabhudas Lilladher Group since 2000, and acquired a 24 per cent stake in the group in 2007.
The current group chairman Arun Sheth has decided to retire, while Dilip Bhat, joint managing director, will also be moving on after spending 22 years with the group.
Dhiren Seth, the vice-chairman, will continue his association through his position on the board of directors as a non-executive director.
Under the new leadership, the group will focus on increasing its market share in the institutional and non-institutional businesses while also growing the asset and wealth management business, according to the release.
“In the last few months, we have also made significant changes in the team by bringing in experienced professionals from the industry to manage each of our diversified business verticals. I am sure this stellar team, coupled with our research expertise and client-first attitude, will pave the way for strong growth in the coming decade,” Ms Vora said.
Her work experience of over 35 years spans equity research, institutional sales, investment banking and corporate advisory, retail broking and wealth management, funds management and NBFC businesses.
A member of the CII-Capital Markets Committee, Amisha was recently elected to the board of directors of the Association of Portfolio Managers of India (APMI).
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